Tunisia's ANAVA Fund of Funds Invests $5 Million in Deeptech Seed Fund

The ANAVA Fund of Funds, managed by Smart Capital in Tunisia, has committed to invest €5 million in the Titan Seed Fund I, a dedicated fund for supporting deeptech startups in Tunisia.

This new fund represents a significant step in fostering innovation and technological advancement in the country. The agreement was formalised during a press meeting organised by the Caisse des Dépôts et Consignations (CDC) as part of the ‘Innovative Startups and SMEs’ project, funded by the World Bank, CDC and the German development bank KFW.

Managed by the Medin Fund Management Company, which received approval from the CMF in November 2022, the Titan Seed Fund I is backed by a €10 million fund aimed at investing in approximately 20 Tunisian startups. This initiative is the first of its kind in North Africa, focusing on deeptech startups at the seed stage, with investments ranging from €300,000 to €650,000 on average. The fund's goal is to prepare these startups for Series A fundraising, typically undertaken when a startup has a marketable product generating interest and growth potential.

ANAVA, officially launched in March 2021, plays a pivotal role in the national initiative Startup Tunisia, which seeks to position Tunisia as a hub of innovation and startups, bridging the Mediterranean, MENA region, and Africa in the pursuit of technological advancement and entrepreneurship.